MACP Provides A New Option for Spousal Buyouts
One Canadian Lender has come up with a solution to buying out a spouse to 95% of the value of the matrimonial home. Under the new Mortgage Rules of July 2012 is not possible to re-finance above 80% of a home’s value.
MCAP has created an option that allows buyouts to 95% of the value, making it possible for one spouse to keep the home after a divorce. There are of course certain guidelines that must be followed but overall this is a great solution for those who are divorcing.
- A Separation Agreement finalized by a lawyer
- A simple Sale Agreement drawn by a lawyer. (deposit with offer is $0)
- Full CMHC premium to be paid (this is now a purchase not a refinance)
- Best rates apply for all mortgage terms at MCAP
This cannot be done if there is only one spouse on title and that is the spouse that wants to keep the house. That would be seen as a re-finance.
If you find yourself in a situation where you want to keep the matrimonial home after divorce please contact us. MCAP mortgages are provided by Mortgage Brokers only.
or use the handy form to contact us so we can determine if this solution is right for you.